ESTEVAN — An Estevan accounting firm is reminding the public of some new filing requirements for bare trusts as the property tax filing deadline approaches.
Ryan Siever with Siever, Fonstad & Erdman said if someone has their name on their parents' bank account or on a parcel of land, which he noted a lot of people do in the southeast, or even if their name is on an elderly parents' house, those would constitute a bare trust and there might be a filing requirement.
"People need to speak with their accountants, basically, and make sure they do get their filing done if they are required for this year," said Siever. "There is still a lot of conflicting information about who needs to file and doesn't need to file, and it's just really new for accountants and for everybody."
He expects it is going to be on a case-by-case basis for people who have questions.
Siever said they have been receiving inquiries from clients already, and he expects more will come in after filing starts on Feb. 19.
"We'll provide information to them and give them an idea of where they may land on a filing requirement," said Siever.
Also, the Underused Housing Tax has some changes that were proposed by the government before the end of 2023 but haven't been enacted yet.
"There still may need to be a filing requirement for anybody that had to file an Underused Housing Tax return last year as well. They might still be required to file that, but that could change any day if the government makes an announcement on that, too," said Siever.
He's looking forward to another tax season and being able to serve Estevan and surrounding communities again, but it is going to be a busy time over the next few months.
